CHARLOTTE, N.C. (AP) -- Diversified manufacturer Carlisle Companies Inc. said Tuesday it will close several plants as it deals with higher costs, a slowdown in the housing market, and lower profit.
Carlisle said it was affected by continued softness in sales of tires and wheels for consumer outdoor power equipment and a decline in its core foodservice business.
The closings will lead the company to take pretax costs of about $14.5 million over the next two quarters.
Carlisle said it would "continue to evaluate additional opportunities to streamline our operations."
The company said due to the housing market slowdown it was closing two plants that make polystyrene for insulation. The plants in Texas and South Carolina will close during the fourth quarter.
Carlisle said it also would consolidate its California wheel-manufacturing operations into one location; combine three distribution centers in the Southeast into one in McDonough, Ga.; and merge two facilities in Texas.
Carlisle also said it will combine Georgia and Wisconsin janitorial sanitation manufacturing facilities into one plant in Sparta, Wis.
Carlisle announced the changes as it reported that third-quarter profit fell 39 percent, missing Wall Street expectations.
Shares of Carlisle fell $1.44, or 6.5 percent, to $20.63 in midday trading. The stock earlier hit a new year low of $19.68. It has traded in a 52-week range of $20.17 to $44.